From yesterday when we saw a sudden spike to around $221,4B in the market cap the evaluation and then a retracement back to around $210B things haven’t changed much.

  • Market Cap: $211,667,983,202
  • 24h Vol: $14,501,298,547
  • BTC Dominance: 54.0%

Cryptocurrency Price Market Watch

As you can see from the global chart the evaluation has started to form a bull flag with a clear uptrend line. The evaluation will potentially interact with the resistance off of the descending channel before a proper breakout from the triangle, but a breakout from the downside would be a more likely.

The market is showing mixed colors with an average percentage of change among top 100 coins ranging from 1-4%.

There aren’t any significant news that are impacting the market at the moment.

Bitcoin Price BTC / USD

From yesterday’s spike to $7789 the price of Bitcoin has retraced back significantly and is currently $6770.

Looking at the hourly chart we can see that the price has fallen below the horizontal support at $6876 which served as an indicator of a potential uptrend starting. Price action has created a symmetrical triangle which can be interpreted as a bull flag considering the strong momentum behind the up move. But as the triangle is symmetrical there isn’t still an indication of the direction. Aggressiveness is shown from both sides but considering the fundamental reason behind the recovery, I think it is more likely that we are going to see further decrease in price, potentially back to some of the significant levels like the descending triangles resistance or the next horizontal support level in order to establish support.

Market sentiment 

Technical indicators on the hourly chart are signaling a buy.

Pivot points 

S3 5406.2
S2 5915.9
S1 6121.2
P 6425.6
R1 6630.9
R2 6935.3
R3 7445.0

Cardano Price ADA / USD

From yesterday’s spike up to $0.0892 which is the next range horizontal resistance level the price of Cardano has decreased by 12.7% and is currently trading at $0.0773.

Looking at the hourly chart we can see that the price has fallen below the horizontal support level of the prior range at $0.0794 and has formed a flag similar to that of Bitcoin’s chart. As the price priorly broke out from the symmetrical triangle forming a down leg I believed that the price is going to break down from there and continue its downward trajectory but that didn’t happen. Instead, this leg breakout resulted in a massive spike upward. But as that spike resulted in a fakeout I believe that the price is heading down further and that the current flag pattern created by the price action will result in the price falling steeply to the levels from which the increase happened at around $0.0712. We may see a breakout on the upside to the horizontal resistance level at $0.0794 and a downfall from there.

Market sentiment

Hourly chart technical indicators are signaling a buy.

Pivot points 

S3 0.038
S2 0.057
S1 0.064
P 0.076
R1 0.083
R2 0.095
R3 0.114

Monero Price XMR / USD

From yesterday’s high at $124 the price of Monero has pulled back by 15$ as its currently $109.76.

As you can see from the hourly chart, yesterday’s spike was an interaction with the ascending channels support line which was previously broken but the price quickly came back below both the horizontal resistance level at $119 and the prior range support at $112.  Currently, we are seeing a symmetrical triangle forming much like in the case of Bitcoin and Cardano, but what is interesting with Monero’s chart is that the resistance from the symmetrical triangle is also the resistance from the prior descending one that intersected the ascending channel pushing the price to break from the downside. As this line level served as a resistance in the past and apart from the fakeout was well respected I believe that it will also be this time and that the price will breakout from it on the downside causing the price to plumet to the levels from which it came at first and then continuing its downward trajectory.

Market sentiment 

Technical indicators are signaling a buy.

Pivot points 

S3 74.680
S2 90.660
S1 97.290
P 106.640
R1 113.270
R2 122.620
R3 138.600

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Posted by Nikola Lazić

Nikola holds a bachelor degree in Sociology, which gives him an edge as a financial markets analyst, i.e., to better understand the psychology behind the crowd´s positioning. Consequently, his preferred analytical tools are Elliot applications, combined with Fibonacci cluster formations. He started learning more about financial markets back in 2015 and is now a full-time trader.As a crypto expert, Nikola´s approach to the future of the industry favors a more decentralized market that falls in line with a new “anarchic” capitalism trend. His analysis have been praised by some of the most influential people in the cryptocurrency scene, such as Jeff Berwick (founder of The Dollar Vigilante Newsletter), Vit Jedlicka (the president of Liberland), as well as other relevant peers.

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One Comment

  1. Avatar

    Thanks. Looking forward to the next analysis.


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